US Stocks Hover Firmly Higher after FOMC

US stocks regained their momentum as markets assessed the impact of tariffs on corporate returns and monetary policy by the Federal Reserve.

The S&P 500, Nasdaq 100, and Dow were all around 0.5% higher.

Minutes from the FOMC’s last meeting showed that the group sees tariffs signaled by the White House as inflationary for the US economy, prompting the Fed to refrain from resuming its cutting cycle earlier in the year.

The document was released after President Trump ncluded the Philippines, Iraq, and several other countries into those tariffed by the US on August 1st, in addition to signaling tariffs on larger trading partner Brazil.

This followed signals of 50% tariffs on copper, levies on semiconductors, and 200% tariffs on pharmaceutical goods after a grace period.

Tech led the gains on the corporate front, with Nvidia, Broadcom, Alphabet, and Meta adding around 2% each.

In contrast, Apple was down by 1% after trade counselor Navarro hinted on target tariffs against the company.